Daley to bypass Springfield for US stimulus money

January 7, 2009 The mayor says he can't afford to have Springfield take the money, and hold it for a time before releasing it to the city.

Daley did not say how the city would try to raise the matching funds needed to qualify for federal grants.

Last week, Chief Financial Officer Paul Volpe acknowledged Chicago finished 2008 $31 million deeper in the hole than previously thought because of declining revenues. He said the city might tap into a "rainy day fund" created when Chicago parking meters were privatized.

The Associated Press contributed to this report.